Trump nominates Scott Bessent as treasury secretary; picks Russ Vought to lead budget office

Published On Nov 22, 2024, 6:29 PM

President-elect Trump has nominated Scott Bessent, a respected international investor and economic strategist, to be the next Secretary of the Treasury. Bessent has a strong background in macro investing and was previously the chief investment officer at Soros Fund Management. He aims to support Trump's economic agenda focused on promoting small businesses, reducing regulations, and sustaining the U.S. dollar as the world's reserve currency. The nomination is expected to advance smoothly through the Republican-majority Senate, paving the way for significant economic policy changes as the U.S. approaches its 250th anniversary.

Read full article

Stock Forecasts

SPYView SPY chart on TradingView

Positive

Bessent's nomination signals a continued focus on pro-business policies, potential tax reforms, and deregulation, which are likely to instill investor confidence and stimulate market growth.

Related News

US economic output hits highest level since April 2022 amid 'greater optimism' among businesses

Nov 22, 2024, 11:10 AM

The uptick in business activity was largely driven by the services sector.

SPY

Stock market today: Nasdaq retreats as Dow, S&P 500 tread water with weekly wins in play

Nov 22, 2024, 7:34 AM

Stocks are retreating but still on track to end a Nvidia-dominated week higher.

NVDA
SPY

Texas governor orders state agencies to sell China assets

Nov 22, 2024, 3:44 AM

SINGAPORE/HONG KONG (Reuters) -The governor of Texas ordered state agencies to stop investing in China and sell assets there as soon as possible, citing financial and security risks, a sign of rising U.S.-China tensions starting to impact global capital flows. In a letter to state agencies dated Nov. 21 and posted to his website, Republican Greg Abbott said "belligerent actions" of China's ruling Communist Party had increased risks to Texas' investments in China, and told investors to get out.

SPY